/raid1/www/Hosts/bankrupt/TCREUR_Public/110224.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Thursday, February 24, 2011, Vol. 12, No. 39
Headlines
I C E L A N D
BAKKAVOR GROUP: S&P Raises Corporate Credit Rating to 'B'
LANDSBANKI ISLANDS: Iceland Voters May Support Icesave Deal
I R E L A N D
ALLIED IRISH: Commences High Court Action v. Former Executive
COALPORT BUILDING: High Court Appoints Liquidator
FOUR STAR: Investor Comes Forward; Creditors Back Rescue Deal
SUNDAY TRIBUNE: Staff to be Made Redundant
TALLAGHT PLAZA: High Court Orders Wind-Up Over Unpaid Taxes
* IRELAND: May Opt for Burden Sharing on Banks, Enda Kenny Says
K A Z A K H S T A N
SUBSIDIARY BANK: Fitch Affirms Individual Rating at 'D/E'
N E T H E R L A N D S
OPERA FINANCE: Fitch Downgrades Rating on Class D Notes to 'CCsf'
W.R. GRACE: Proposes to Create Netherlands HoldCo Structure
R O M A N I A
BLUE AIR: Exits Insolvency; Eyes EUR160-Mil. Turnover in 2011
R U S S I A
BANK OF MOSCOW: VTB Acquires City of Moscow's 46.5% Stake
SITRONICS JSC: Moody's Reviews 'B3' Corporate Family Rating
S P A I N
BBVA PROPIEDAD: Liquidation of Fund Begins After Two-Year Freeze
EMPRESAS BANESTO 1: Moody's Assigns (P)Ca Rating to Series D Note
EMPRESAS BANESTO 2: Moody's Assigns (P)Ba1 Rating to Series C Note
NUEVA RUMASA: Pre-Insolvency Hits Aegis with GBP25 Mil. Write-off
* SPAIN: Cajas Hold EUR100 Bil. "Problematic" Real Estate Assets
U K R A I N E
RODOVID BANK: IMF Experts Want Ukraine to Opt for Liquidation
U N I T E D K I N G D O M
ALITO COLOR: Goes Into Administration, Seeks Buyer for Business
ASSETCO PLC: To Raise GBP8 Million Through Equity Placing
CONNEXIONS CHESHIRE: Saved From Administration, 200 Jobs at Risk
CROWN CURRENCY: More People Arrested as Part of Probe
EMI GROUP: Terra Firma's Funds Recover, Guy Hands Says
PORTSMOUTH FOOTBALL: Has Unpaid Receivables From Clubs, Owner Says
* UK: Experts See Growing Number of Firms Affected by Insolvency
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
*********
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I C E L A N D
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BAKKAVOR GROUP: S&P Raises Corporate Credit Rating to 'B'
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Standard & Poor's Ratings Services said that it raised its long-
term corporate credit rating on packaged food producer Bakkavor
Group ehf to 'B' from 'B-'. At the same time, S&P removed the
rating from CreditWatch, where it had been placed with positive
implications on Jan. 24, 2011. The outlook is stable.
The 'B' issue rating on the GBP350 million senior secured bond
maturing in 2018 issued by Bakkavor Finance 2 PLC is unchanged.
The recovery rating of '4' on this bond is also unchanged,
indicating S&P's expectation of average (30%-50%) recovery for the
bondholders in the event of a payment default.
"The upgrade reflects the completion of Bakkavor's GBP350 million
senior secured bond issue and the raising of GBP380 million of
senior revolving credit and term loan facilities," said Standard &
Poor's credit analyst Hina Shoeb. "The group has used the
proceeds from the bond and the senior facilities to repay its
existing bank facilities, therefore improving its debt maturity
profile."
The rating reflects S&P's view of the group's highly leveraged
capital structure, as well its high exposure to just two
customers--Tesco PLC (A-/Stable/A-2) and Marks & Spencer PLC (BBB-
/Stable/A-3)--which account for a large portion of Bakkavor's
sales. These risks are partly mitigated by the group's well-
established franchise, primarily in the U.K., but also in
continental Europe, where the group has good market positions and
operating scale in its niche food processing businesses.
On the financial side, credit quality is supported by Bakkavor's
ability to generate positive free operating cash flow, which S&P
estimates to be about GBP30 million annually. S&P estimates that
debt to EBITDA will be about 7x at year-end 2011. This, along
with the presence of a convertible loan in the capital structure,
leads us to assess the group's financial risk profile as highly
leveraged.
S&P believes that Bakkavor should continue to perform resiliently,
generate solid free cash flows, and maintain cash interest
coverage of close to 2x in the short to medium term.
S&P could lower the rating if Bakkavor were unable to generate
positive free cash flow or unable to maintain adequate covenant
headroom at all times. In addition, a more aggressive financial
policy, which could result from unexpected and credit-dilutive
acquisitions, could put pressure on the rating.
Conversely, a positive rating action could result from sustainable
deleveraging to a Standard & Poor's-adjusted debt-to-EBITDA ratio
of less than 5x. However, in S&P's opinion, Bakkavor's highly
leveraged financial profile leaves limited room for any positive
rating actions over the short to medium term.
LANDSBANKI ISLANDS: Iceland Voters May Support Icesave Deal
-----------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that polls indicate
Iceland's voters may back a depositor claims accord with the U.K.
and Netherlands as the cost of an international court battle
threatens to set back the island's struggle to emerge from
financial ruin.
Bloomberg relates that a poll published by Reykjavik-based MMR on
Monday showed 57.7% of voters would back the bill, which President
Olafur R. Grimsson on Feb. 20 said must go to a referendum.
According to Bloomberg, Iceland's ability to settle the
US$5 billion depositor claims dispute will determine its chances
of patching up international investor ties and restoring
diplomatic relations with two European Union members as it embarks
on membership talks. Should voters reject the depositor accord,
the dispute will be sent to the Luxembourg-based court under the
European Free Trade Association, Bloomberg notes.
Ingolfur Bender, head of research at Islandsbanki hf, as cited by
Bloomberg, said in a note to clients that losing the case would
probably lead to a more expensive settlement for Iceland and "it
can be considered a given that further delay will affect foreign
capital market access."
The Surveillance Authority has already sent Iceland a letter of
formal notice that it is obliged to cover about EUR20,000 for each
foreign Icesave depositor, a decision the country's parliamentary
budget committee has said is binding, Bloomberg discloses. That
means a referendum can only be held on the terms of repayment,
Bloomberg states.
Bloomberg notes that Mr. Bender said if Iceland were to take the
depositor claims dispute to court and lose, the British and Dutch
governments "could also demand compensatory damages from the state
on international legal grounds."
Prime Minister Johanna Sigurdardottir said on Feb. 20 that a
referendum on Icesave will be held as soon as possible, Bloomberg
recounts.
As reported by the Troubled Company Reporter-Europe on Feb. 22,
2011, Bloomberg News said that the latest so-called Icesave
accord, named after the high-yielding accounts offered by
Landsbanki, would cost the state Icelanders to about ISK47 billion
(US$404 million), while the remaining debt will be covered using
the proceeds of Landsbanki assets, the negotiating committee
representing Iceland said in December. The British and Dutch
governments bore the initial cost of backing the depositor claims,
Bloomberg noted. More than 350,000 British and Dutch Icesave
account holders risked losing their savings when Landsbanki
collapsed along with the rest of Iceland's over-leveraged banking
system in 2008, Bloomberg disclosed.
About Landsbanki Islands
Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank. The bank offered online savings
accounts under the "Icesave" brand. On October 7, 2008, the
Icelandic Financial Supervisory Authority took control of
Landsbanki and two other major banks.
Landsbanki filed for Chapter 15 protection on Dec. 9, 2008 (Bankr.
S.D. N.Y. Case No.: 08-14921). Gary S. Lee, Esq., at Morrison &
Foerster LLP, represents the Debtor. When it filed for protection
from its creditors, it listed assets and debts of more than
US$1 billion each.
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I R E L A N D
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ALLIED IRISH: Commences High Court Action v. Former Executive
-------------------------------------------------------------
Colm Keena at The Irish Times reports that Allied Irish Banks plc
has initiated a High Court action against its former head of
commercial services, Tommy Hopkins, and his wife, Mairead.
The reason for the proceedings is not known and a spokesman for
the bank would not comment, The Irish Times notes. Last year, the
bank said it was conducting an inquiry into the business
activities of Mr. Hopkins and of another senior executive with the
bank, John Hughes, The Irish Times recounts.
Mr. Hopkins resigned as a director of the AIB subsidiary, AIB
Commercial Services Ltd, on Nov. 17 last year, filings in the
Companies Office show, and it is understood he is no longer an
employee of the bank, The Irish Times discloses.
The bank's case against its former senior executive and his wife
was filed on the same date as his resignation took effect, The
Irish Times relates.
Mr. Hopkins was a significant property developer and investor
while also working in AIB's Bankcentre and dealing with many of
its top property clients, The Irish Times states. Ms. Hopkins was
a director of a number of companies with her husband, the Irish
Times notes.
Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland. It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre. The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations. The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division. In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia. In September
2008, the Group also acquired a 49.99% shareholding in BACB.
* * *
As reported by the Troubled Company Reporter-Europe on Jan. 20,
2011, Standard & Poor's Ratings Services raised its ratings on the
lower Tier 2 subordinated debt issued by Allied Irish Banks PLC
(AIB; BBB/Watch Neg/A-2), which had been subject to the exchange
offer, to 'CCC' from 'D'. The 'BBB/A-2' counterparty credit
ratings on AIB remain on CreditWatch with negative implications,
where they were placed on Nov. 26, 2010.
"This 'CCC' rating reflects the fact that AIB will need to raise
further equity capital before end-February, that it may require
further capital as a result of the PCAR stress test, and our view
that there is a clear and present risk that these instruments
could be subject to further restructuring-like action in order to
achieve it," said Standard & Poor's credit analyst Nigel
Greenwood.
The ratings on AIB were placed on CreditWatch with negative
implications on Nov. 26, 2010, pending the outcome of a sovereign
rating review. S&P views the fortunes of the Irish sovereign as
intertwined with those of the banking system, and a downgrade of
the sovereign may impact its ratings on AIB.
COALPORT BUILDING: High Court Appoints Liquidator
-------------------------------------------------
The Irish Times reports that High Court's Ms. Justice Mary Laffoy
has made an order to wind up Coalport Building Company Ltd. over
its failure to pay the Revenue Commissioners some EUR144,000 for
unpaid VAT and PRSI.
The Irish Times relates that Ms. Justice Mary Laffoy on Monday
appointed Derek Earl as liquidator to Coalport.
The judge agreed to place a stay on the winding-up order for seven
days to allow the company to consider a Supreme Court appeal, The
Irish Times discloses.
The Revenue Commissioners had petitioned the court to have the
company wound up on grounds its demand had not been satisfied and
it was of the view Coalport was insolvent, The Irish Times notes.
According to The Irish Times, during Monday's proceedings, the
judge was told Coalport had a cheque in court to satisfy the
Revenue Commissioners' demand. The Revenue Commissioners' counsel
asked for an adjournment to allow time for the cheque to clear,
The Irish Times discloses.
The Irish Times notes Ms. Justice Laffoy said she was not prepared
to grant a further adjournment of the matter. The judge directed
Coalport's directors -- Thomas McFeely and Noel McFeely -- to
swear a statement of affairs and returned the matter to the High
Court Examiner's list next month. The judge said she had wanted
to see an affidavit from the company's directors showing it was
solvent but no such affidavit was presented to the court, The
Irish Times recounts.
Coalport Building Company Ltd. is a Dublin-based construction
company.
FOUR STAR: Investor Comes Forward; Creditors Back Rescue Deal
-------------------------------------------------------------
Laura Noonan at The Irish Times reports that Four Star secured a
new investor and got the nod from creditors for a rescue deal
three months after the company went into examinership.
According to Irish Independent, a new investor has come forward
and is hoping to keep all 40 Four Star outlets open and all 435
jobs across the pizza chain's franchises and head office.
Irish Independent says the plan also provides for a settlement
with trade creditors, the Revenue Commissioners and National Irish
Bank, which is owed EUR4.9 million.
The rescue was put to Four Star's creditors on Monday and is
understood to have received the thumbs-up, even though trade
creditors will get very small payments, Irish Independent relates.
The business rescue deal must also be approved by the court, which
has overruled creditors' votes on examinership deals only on very
rare occasions, Irish Independent states. The court will be given
full details of terms being offered to creditors and will also be
given details of the new investor by Four Star Pizza's examiner,
Neil Hughes, of accountancy firm Hughes Blake, Irish Independent
notes.
Four Star first approached the court for examinership protection
back in mid November, citing onerous lease costs that put a strain
on franchise-holders, coupled with a 30% fall in like-for-like
sales over the last three years amid fierce rival competition and
heavy discounting, Irish Independent recounts.
Four Star is a pizza chain based in Ireland.
SUNDAY TRIBUNE: Staff to be Made Redundant
------------------------------------------
RTE News reports that Sunday Tribune employees have been formally
told they are being made redundant by the receiver because no firm
offers have been made for the business.
As reported in the Troubled Company Reporter-Europe on February 4,
2011, RTE said that a receiver has been appointed to the
Sunday Tribune after 29.9% shareholder Independent News & Media
decided that it could no longer fund the weekly paper. The Sunday
Tribune currently has 43 staff. According to the report,
Independent News & Media will fund staff salaries until the end of
this month and will also finance the receivership process.
Staff received letters from the receiver McStay Luby telling them
they were being made redundant on Feb. 28 and would receive a pay
cheque up until this date, according to RTE. The report relates
that the staff is only receiving statutory redundancy.
In the letter, McStay Luby said there had been a small number of
inquiries about buying the business but no definite offers had
been received, the report notes.
RTE News adds that Jim Luby said he had no option but to make all
employees redundant.
The Sunday Tribune is an Irish Sunday broadsheet newspaper
published by Tribune Newspapers plc. Independent News & Media has
been an investor in the Sunday Tribune since 1992.
TALLAGHT PLAZA: High Court Orders Wind-Up Over Unpaid Taxes
-----------------------------------------------------------
The Irish Times reports that the High Court has made orders to
wind up Tallaght Plaza Hotel Ltd. and Codex Taverns Ltd. after
they failed to satisfy a demand from the Revenue Commissioners for
more than EUR300,000 in unpaid taxes.
The Irish Times relates that Ms. Justice Mary Laffoy on Monday
appointed an official liquidator after granting the Revenue
Commissioners' petition to wind up both companies.
According to The Irish Times, Dermot Cahill, who is representing
the Revenue Commissioners, said a demand for EUR250,000 was made
for Codex while a demand of EUR61,000 was made for TPH.
Mr. Cahill, as cited by The Irish Times, said that the petition
was brought on the basis the firms were insolvent and unable to
pay their debts.
The judge appointed Derek Earl, of accountants Grant Thornton, as
liquidator to both firms, The Irish Times discloses. She also
ordered that the company's directors -- Larry O'Mahoney,
Shrewsbury Road, Dublin 4, and Christine O'Mahoney -- should swear
a statement of affairs, The Irish Times notes.
Tallaght Plaza Hotel Ltd. (TPH) and Codex Taverns Ltd. operate a
hotel, pub and nightclub in Tallaght.
* IRELAND: May Opt for Burden Sharing on Banks, Enda Kenny Says
---------------------------------------------------------------
Dara Doyle at Bloomberg News reports that Enda Kenny, leader of
Ireland's biggest opposition party, Fine Gael, said a new
government may seek to share losses with bank bond holders if
stress tests at the end of March reveal bigger-than-expected
losses.
"You can't burn bondholders, unless a bank has been declared
insolvent," Bloomberg quotes Mr. Kenny as saying in a panel
discussion on broadcaster RTE.
According to Bloomberg, Mr. Kenny noted that while there are "no
circumstances for a sovereign default, there may be burden sharing
with bank bond holders, with European agreement."
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K A Z A K H S T A N
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SUBSIDIARY BANK: Fitch Affirms Individual Rating at 'D/E'
---------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based Subsidiary Bank
Sberbank of Russia's Long-term Issuer Default Ratings at 'BBB-';
Outlook Stable.
SBK's Long-term IDRs reflect Fitch's view of the high probability
of support from the bank's sole owner, Sberbank of Russia
('BBB'/Stable). Any future movement in SBK's Long-term IDRs is
likely to be driven by changes in the parent's Long-term IDR.
In Fitch's view, Sberbank would likely have a high propensity to
support SBK given the full ownership, common branding, the small
relative size of the subsidiary (SBK accounts for less than 1% of
Sberbank's consolidated assets) and hence moderate cost of any
potential support, as well as Sberbank's strategic interest in
developing its business in countries of the Commonwealth of
Independent States. Sberbank has supported SBK's development to
date with capital injections, and has also made a back up credit
facility available to the subsidiary.
SBK's 'D/E' Individual Rating reflects the rapid recent and
planned loan book growth, high single name concentration risk on
both sides of the balance sheet, limited track record and still
challenging operating environment. At the same time, it considers
the bank's currently reasonable reported asset quality and capital
ratios and modest liquidity risk.
According to local GAAP accounts, SBK's loan book grew by 96% in
2010. At end-9M10, non-performing loans (NPLs, 90+ days overdue)
totalled 5% of corporate lending (2009: 4%). The top 20 borrowers
made up 60% of gross loans, equivalent to 2.3x the bank's equity
(2009: 59% and 1.6x, respectively). Corporate loan impairment
reserves have notably increased to 7.6% of the gross corporate
loans book from 4.6% at end-2009. Although the level of reported
NPLs is currently moderate, Fitch notes that true asset quality is
somewhat camouflaged by rapid loan growth and, accordingly,
limited seasoning of the loan book.
At end-2010, SBK was the ninth-largest bank in Kazakhstan by
assets, with a market share of 2.4%. Since its acquisition by
Sberbank in late 2006, SBK has focused on the corporate side of
the business, and at end-9M10, corporate loans stood at 88% of
total lending (2009: 89%).
The rating actions are:
-- Long-term foreign and local currency IDRs affirmed at 'BBB-',
Outlook Stable
-- Short-term foreign currency IDR affirmed at 'F3'
-- National Long-term Rating affirmed at 'AA(Kaz)', Outlook
Stable
-- Individual Rating affirmed at 'D/E'
-- Support Rating affirmed at '2'
-- Subordinate notes ratings affirmed at 'BB+' and 'AA-(Kaz)'
=====================
N E T H E R L A N D S
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OPERA FINANCE: Fitch Downgrades Rating on Class D Notes to 'CCsf'
-----------------------------------------------------------------
Fitch Ratings has downgraded Opera Finance (Uni-Invest) B.V.'s
outstanding tranches and maintained the class A and B notes on
Rating Watch Negative:
-- EUR368.1m class A (XS0218487436) downgraded to 'BBBsf' from
'Asf'; remains on RWN
-- EUR90.3m class B (XS0218489135) downgraded to 'Bsf' from
'BBBsf'; remains on RWN
-- EUR95.1m class C (XS0218490653) downgraded to 'CCCsf' from
'Bsf'; RR 3
-- EUR59.5m class D (XS0218492279) downgraded to 'CCsf' from
'CCCsf'; RR 6
The downgrades reflect Fitch's doubts about the borrower's ability
to de-lever the loan to an exit amount that can be refinanced by
note maturity (Feb. 15, 2012). The likelihood is that enforcement
will have to take place in order to realize value and pay back
noteholders, with uncertainty about timing remaining even at this
late stage. A last-minute fire-sale cannot be ruled out, which
could result in substantially lower recoveries than implied by
current market value estimates. This risk will be monitored and
is reflected by the maintained RWN.
On Feb. 15, 2011, Eurohypo, acting as special servicer, issued a
notice drawing attention to the fact that the borrower had failed
to meet its senior loan amortization target of EUR580 million.
The borrower has 10 business days from this test date to remedy
the breach. Failure to do so would constitute an event of default
under the standstill agreement. Post default, the special
servicer or mezzanine facility agent would be entitled to
terminate the standstill period, giving the senior security agent
the right to enforce its rights under the security package.
The special servicer has invited noteholders to be involved in a
steering committee to discuss a new business plan and
restructuring proposals, which will be provided by the borrower to
the special servicer by March 11, 2011 and March 18, 2011,
respectively. The RWN will be resolved once greater clarity
emerges with regards to the sponsor's ability to meet the terms of
the standstill agreement and its likely effects on the notes.
During the past 12 months, since the standstill agreement was
signed, the borrower has only managed to achieve 23 asset
disposals, leaving 207 still remaining in the portfolio.
Moreover, since the February 2010 interest payment date, the
portfolio vacancy has risen to 29.5%, from 23.0%, which suggests
that cherry-picking may also be driving asset sales.
The EUR613 million loan has a reported loan-to-value ratio of
70.8% (based on a November 2009 valuation), reduced from 75.5% 12
months ago following select asset disposals and amortization from
excess rental income. Although it continues to receive a boost in
the current interest rate environment, until the February 2010
IPD, excess rental income was subject to continued payment of
interest to the mezzanine lenders (with an aggregate payment of
EUR6.4 million over the last four quarters). It was also subject
to the mezzanine agency fee that was introduced as part of the
standstill; however, this is being discontinued.
Annualized net operating income is on a downward trend, having
declined to EUR46.9 million from EUR59.7 million 12 months ago.
This is due not only to asset disposals but also because vacancies
have risen and absolute operating costs remain broadly unchanged.
The latter absorb 31.7% of gross rental income, up from 26.7% at
the February 2011 IPD, which is a high cost base despite the
secondary and tertiary quality asset type and high running
vacancy.
W.R. GRACE: Proposes to Create Netherlands HoldCo Structure
-----------------------------------------------------------
W.R. Grace & Co. and its units seek the Bankruptcy Court's
authority to establish a non-debtor foreign subsidiary holding
company structure pursuant to which W.R. Grace & Co.-Conn. will
transfer its equity interests in certain non-debtor foreign
subsidiaries to a holding company.
The equity interests of the holding company will be wholly owned
by Grace-Conn. The Debtors intend to domicile in the Netherlands.
These entities are the Non-debtor HoldCo Subsidiaries whose equity
interests Grace-Conn. holds in part or in toto that Grace-Conn.
currently intends to transfer to the Netherlands HoldCo:
* Grace Australia Pty. Ltd.
* W. R. Grace (Hong Kong) Limited
* W. R. Grace Specialty Chemicals (Malaysia) Sdn. Bhd.
* Grace China Ltd.
* Grace (New Zealand) Limited
* W. R. Grace (Philippines), Inc.
* W. R. Grace (Thailand) Ltd.
* Grace AB (Sweden)
* Grace S.A. (Belgium)
* Grace Europe Holding GmbH
* W. R. Grace S.A. (France)
* Darex UK Limited
* W. R. Grace Limited (UK)
* Grace Construction Products (Ireland) Limited
* Amicon B.V. Netherlands
* Grace Sp. z.o.o. (Poland)
* Grace Hellas E.P.E.
* W. R. Grace Italiana S.p.A.
* W. R. Grace Africa (Pty.) Limited
* Grace Canada Inc.
* W. R. Grace Finance (NRO) Ltd.
* GEC Divestment Corporation Ltd.
* Grace Venezuela, S.A.
* Inversiones GSC, S.A. (Venezuela)
* Grace Colombia S.A.
* W.R.G. Colombia S.A.
* W. R. Grace Holdings S.A. de C.V.
* Arnicon Ireland Limited
According to Adam Paul, Esq., at Kirkland & Ellis LLP, in Chicago,
Illinois, establishing the Netherlands HoldCo Structure will:
* centralize, simplify, and increase the cost effectiveness
and tax efficiencies of the financing, cash management and
other activities of certain of the Debtors' non-debtor
foreign subsidiaries;
* preserve foreign tax credits and maximize the availability
of the net operating losses expected to result from payment
of claims under the Plan; and
* optimize the corporate structure of the Debtors' non-debtor
foreign subsidiaries, which will streamline the Debtors'
proposed exit financing.
Mr. Paul adds that the Netherlands is a highly favorable
jurisdiction in which to establish the Netherlands HoldCo
Structure. The Netherlands: (i) has an extensive and favorable
tax treaty network, which allows for efficient capital transfers;
(ii) does not impose currency exchange restrictions; and (iii)
provides an attractive legal infrastructure in which to operate
sophisticated business enterprises, including business-friendly
civil and commercial law and a favorable corporate tax regime, he
points out.
Moreover, Mr. Paul says, any subsidiaries of the Non-debtor HoldCo
Subsidiaries will become indirect subsidiaries of Netherlands
HoldCo. No Non-debtor HoldCo Subsidiary, nor any portion of the
equity thereof nor any assets held by any Non-debtor HoldCo
Subsidiary, will be transferred outside the Grace corporate group
as a result of the transactions contemplated by the creation of
the Netherlands HoldCo Structure, he tells the Court. To the
extent that another Debtor holds a minority interest in a Non-
Debtor Netherlands HoldCo Subsidiary, that Debtor either may
retain any interest or transfer that interest to Netherlands
HoldCo.
The Debtors believe that the proposed transfers will involve
acceptable tax and other costs. To the extent that they
determine subsequent to the Court's entry of the Order that any
proposed transfer would incur unexpectedly high tax and other
costs or present some other legal or operational issue requiring
resolution, the Debtors in their business judgment may either:
(a) revise the proposed transactions to avoid or minimize any
costs or to resolve any other legal or operational issue; or
(b) not undertake the contemplated transaction.
The Chapter 11 Plan
As reported in the Feb. 3, 2011 edition of the Troubled Company
Reporter, Judge Judith Fitzgerald of the U.S. Bankruptcy Court for
the District of Delaware approved on Jan. 31, 2011, the Joint Plan
of Reorganization proposed by W.R. Grace & Co. and its debtor
affiliates, the Official Committee of Equity Security Holders, the
Official Committee of Asbestos-related Personal Injury Claimants,
and the Future Claims Representative.
Grace's Joint Plan will next be considered for confirmation by
the United States District Court for the District of Delaware, a
necessary step before Grace may exit Chapter 11.
Judge Fitzgerald confirmed the Plan after resolving all
outstanding objections and finding that the Plan satisfies all
applicable sections of the Bankruptcy Code, including Section
524(g). Judge Fitzgerald held that claimants in Classes 6, 7
(including both sub-classes 7A and 7B), and 8 have voted to
accept the Plan in the requisite numbers and amounts required by
Sections 524(g), 1126, and 1129.
The Joint Plan establishes two asbestos trusts to compensate
personal injury claimants and property owners. Funds for the
trusts will come from a variety of sources including cash,
warrants to purchase Grace common stock, deferred payment
obligations, insurance proceeds and payments from successor
companies. The trusts' assets and operations are designed to
cover all current and future asbestos claims, according to the
Debtors.
The Debtors filed for bankruptcy in April 2001 because of
increasing asbestos personal injury claims. They have submitted
several plans of reorganizations co-proposed by different
parties-in-interest since the Petition Date. The most recent
plan was filed in November 2008 and incorporated settlements of
the Debtors' present and future asbestos-related PI Claims.
In April 2008, the Debtors reached an agreement settling
all of their present and future asbestos-related PI claims
for US$1.8 billion. Prior to the agreement, the Debtors were
involved in a series of trials to estimate their asbestos
personal injury claims. Grace's experts estimated that the
company's asbestos personal injury liabilities are between
US$385 million and US$1.314 billion. The PI Committee,
representing more than 100,000 asbestos claimants, said Grace's
liabilities range from US$4.7 billion to US$6.2 billion.
Pursuant to the April 2008 settlement, the asbestos trusts will
be funded by:
-- Cash in the amount of US$250,000,000;
-- Warrants to acquire 10,000,000 shares of Grace common stock
at an exercise price of US$17.00 per share, expiring one year
from the effective date of a plan of reorganization;
-- Rights to proceeds under Grace's asbestos-related insurance
coverage;
-- The value of cash and stock under the litigation settlement
agreements with Sealed Air Corporation and Fresenius
Medical Care Holdings, Inc.; and
-- Deferred payments at US$110,000,000 per year for five years
starting in 2019, and US$100,000,000 per year for 10 years
starting in 2024; the deferred payments would be
obligations of Grace backed by 50.1% of Grace's common
stock to meet the requirements of Section 524(g).
The Sealed Air settlement payment consists of (i) US$512,500,000
in cash, plus interest accrued from Dec. 21, 2005 until the Plan's
effective date, at a rate of 5.5% per annum compounded annually;
and (ii) 18,000,000 shares of Sealed Air common stock. As of
Jan. 31, 2011, Eastern Time, Sealed Air stocks are priced at
US$26.69 per share, placing a value of about US$480,420,000 on the
settlement pact.
In a company statement, Sealed Air said it will review the
Bankruptcy Court's confirmation order to ensure that the Debtors
implement the Plan in a manner fully consistent with a settlement
agreement signed on Nov. 20, 2003. Sealed Air added that it
stands ready to contribute its payment directly to one or more of
the trusts to be created under Section 524(g) once the provisions
of the settlement agreement are fully met. Sealed Air noted that
as of Dec. 31, 2010, its total cash payment would have been
approximately US$788 million, which reflects the principal
settlement amount of US$512.5 million and US$275.5 million of
accrued interest, which accrues at 5.5% per annum and is
compounded annually. Sealed Air's payment to the Debtors would
resolve all current and future asbestos-related, fraudulent
transfer and successor claims the Debtors have against Sealed Air
as a result of the Cryovac transaction with W. R. Grace in 1998.
The Debtors will also fund a trust created for Canadian Zonolite
Attic Insulation Claims. In a recently amended settlement, the
Debtors' contribution to the Fund is increased from C$6,500,000
to C$8,595,632 in the event the U.S. Confirmation Order is
entered by the U.S. Court on or before Jan. 31, 2011; and
C$9,095,632 in the event that the U.S. Confirmation Order is
entered by the U.S. Court after Jan. 31, 2011, but on or before
July 31, 2011.
About W.R. Grace & Co.
Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally.
The Company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones,
LLP, represent the Debtors in their restructuring effort. The
Debtors hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant. Stroock
& Stroock & Lavan, LLP, and Duane Morris, LLP, represent the
Official Committee of Unsecured Creditors. The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice. David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla
R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official
Committee of Asbestos Personal Injury Claimants. The Asbestos
Committee of Property Damage Claimants tapped Scott Baena, Esq.,
and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena Price & Axelrod,
LLP, to represent it. Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel, LLP, represents the Official Committee of
Equity Security Holders.
W.R. Grace and its debtor affiliates, with the support of the
Official Committee of Asbestos Personal Injury Claimants, the
Asbestos PI Future Claimants' Representative and the Official
Committee of Equity Security Holders, have submitted a proposed
Chapter 11 plan of reorganization. The Chapter 11 plan is built
around an April 2008 settlement for all present and future
asbestos personal injury claims, and a subsequent settlement for
asbestos property damage claims. The Plan confirmation hearing
wrapped up on Jan. 25.
Bankruptcy Creditors' Service, Inc., publishes W.R. Grace
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by W.R. Grace, W.R. Grace Co. - Conn. and their
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
=============
R O M A N I A
=============
BLUE AIR: Exits Insolvency; Eyes EUR160-Mil. Turnover in 2011
-------------------------------------------------------------
Romania-insider.com reports that low cost airline Blue Air, which
has recently exit insolvency, targets a turnover of EUR160 million
this year, up on the EUR150 million posted in 2010.
"Last year was a difficult one; due to high installments, we had
to return some of the airplanes to the owners, but in parallel,
instead of the four airplanes bought in leasing, we bought four
new ones and we want to complete our air fleet with another
airplane," Romania-insider.com quotes Gheorghe Racaru, Romstrade
group's strategy director, as saying. Blue Air is part of the
Romstrade group.
Blue Air had been in insolvency at the request of Carpatair and
Service Excellence Solutions but the Bucharest court decided to
halt the insolvency procedures, Romania-insider.com relates.
As reported in the Troubled Company Reporter-Europe on Oct. 12,
2010, MEDIAFAX said the Bucharest Court allowed insolvency claims
against Blue Air filed by airline Carpatair and Service Excellence
Solutions. MEDIAFAX disclosed Blue Air representative Florentina
Ivan said the airline will challenge the court's ruling as it
registers no debts to the two companies. Gheorghe Racaru, the
parent group's strategy and development manager said Blue Air will
continue to operate, either on its own or under a court-appointed
Administrator, according to MEDIAFAX.
Blue Air is the largest Romanian private air operator. The
airline operates flights to more than 50 destinations in Europe,
being the official transporter for the Romanian Posts. It offers
tickets to destinations outside Europe, in partnership with Blue
Panorama.
* * *
This concludes the Troubled Company Reporter-Europe's coverage of
Blue Air until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.
===========
R U S S I A
===========
BANK OF MOSCOW: VTB Acquires City of Moscow's 46.5% Stake
---------------------------------------------------------
Catherine Belton at The Financial Times reports that VTB has
acquired the Moscow city government's 46.5% stake in Bank of
Moscow, bringing the Russian state bank a step closer towards
winning control over the heart of a financial empire run by allies
of ousted mayor Yury Luzhkov.
The FT relates that VTB said on Tuesday it had acquired the city
hall stake together with a 25% blocking stake in city insurer
Capital Insurance Group for RUR103 billion.
Fresh from raising US$3.3 billion in a secondary public offering
this month, VTB is seeking to acquire a 100% stake in the bank,
which is Russia's fifth biggest by assets, as the state bank seeks
to expand in the Moscow retail market, the FT discloses. But it
is facing opposition from Bank of Moscow managers led by Andrei
Borodin, chief executive and a former close aide to the former
mayor, in the first big asset carve-up since Mr. Luzhkov's ousting
as Moscow mayor, the FT notes.
AKB Bank Moskvy OAO (Bank Moskvy OAO or Bank of Moscow OJSC) --
http://www.bm.ru/-- is a Russia-based financial institution,
which offers a wide range of services to its clients including
corporate banking, retail banking and investment banking services.
The Bank operates through numerous branches. It is a part of the
Association of Russian Banks (ARB) and other organizations. In
addition, AKB Bank Moskvy OAO has 13 subsidiaries and two
affiliated companies. As of May 14, 2009, the Bank was
43.99%-owned by the Moscow City Government.
* * *
As reported by the Troubled Company Reporter-Europe on Oct. 1,
2010, Fitch Ratings placed Bank of Moscow's 'D' individual rating
and 'BB+' subordinated debt rating on Rating Watch Negative.
The rating actions followed the dismissal of the Mayor of
Moscow, Yuri Luzhkov, by President Dmitry Medvedev.
SITRONICS JSC: Moody's Reviews 'B3' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has placed the corporate family rating
and probability of default rating of Sitronics JSC on review for
possible downgrade.
Ratings Rationale
"The rating action reflects Sitronics' consistently weak
performance, which has translated into a deteriorating liquidity
profile with little likelihood of improvement in the short to
medium term given the current capital structure and sizeable share
of start-up projects in the company's portfolio," said Julia
Pribytkova, a Moody's Vice President-Senior analyst and lead
analyst for Sitronics.
Moody's notes that there is further uncertainty regarding
Sitronics' future performance as a result of Sistema's
announcement that it is to transfer its entire holding of defence
industry assets ("RTI Sistema") into a joint venture with the Bank
of Moscow (Baa1, stable). In Moody's view, this is likely to
entail further reorganization of Sistema's technological assets in
the short to medium term. The rating agency notes a high degree
of ambiguity pertaining to the reorganization parameters, and
believes that the potential shift in Sistema's ownership and
business focus may affect the degree of shareholder commitment to
support Sitronics previously incorporated into its credit
assessment. In addition, Moody's notes that notwithstanding some
improvement in profitability Sitronics' standalone operating
performance suffers from a considerable share of capital-intensive
projects in the development stage and high debt service levels
resulting in a consistently inadequate liquidity profile.
Moody's intends to complete the review in April 2011 when the
agency will focus on the analysis of the contemplated business and
financial reorganization, should it materialize, for its effect on
the company's liquidity position, in particular strategy to
address maturity in November 2011, capital structure and business
model.
Downward migration of the rating would result from Moody's
conclusion that Sistema's ongoing support for Sitronics will be
reducing in conjunction with no material change occurring to
Sitronic's business and financial risk profile. Upward pressure
could materialize if Sitronics were to evolve as a stand-alone
entity, with: (i) a materially improved capital structure; (ii) a
demonstrated ability to generate sufficient cash flow to support
liquidity; and (iii) an ability to sustainably maintain
profitability levels that are commensurate with industry
standards.
Moody's most recent rating action on Sitronics was implemented on
17 October 2008, when the rating agency changed the outlook on the
company's B3 CFR to negative from stable.
Sitronics' ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry; ii) the capital structure and
financial risk of the company; iii) the projected performance of
the company over the near to intermediate term; and iv)
management's track record and tolerance for risk. These
attributes were compared against other issuers both within and
outside of Sitronics' core industry and Sitronics' ratings are
believed to be comparable to those of other issuers of similar
credit risk.
Headquartered in Moscow, Sitronics JSC (with a corporate family
rating of B3 on review for possible downgrade), is a diversified
group of vertically integrated technology companies with
operations in Russia and the Commonwealth of Independent States
region, and a presence in Eastern Europe, the Middle East and
Africa. The company reported US$1,024 billion in revenues and
US$101 million in operating income before depreciation and
amortization on a consolidated basis in 2009, and US$682.5 million
in revenue and US$50.8 million in OIBDA in first nine months of
2010. Sitronics, which is 63.97% directly and indirectly owned by
Sistema JSFC (Ba3, stable), comprises three core business
divisions, namely Telecommunications Solutions, IT Solutions and
Microelectronic Solutions.
=========
S P A I N
=========
BBVA PROPIEDAD: Liquidation of Fund Begins After Two-Year Freeze
----------------------------------------------------------------
Sharon Smyth at Bloomberg News, citing El Confidencial, reports
that Banco Bilbao Vizcaya Argentaria SA has started to liquidate
its BBVA Propiedad real estate fund two and a half years after it
was frozen.
According to Bloomberg, El Confidencial said that BBVA has valued
the fund at EUR1.4 billion, a discount of 20% to the valuation it
had in October 2008.
Banco Bilbao Vizcaya Argentaria SA (BBVA) is a Spain-based
international financial group with presence in 32 countries. The
Company's activities are focused in Spain, Portugal, Mexico, South
America and USA. The Company's service portfolio includes retail
banking, private banking, corporate and small and medium
enterprises (SMEs) banking, real estate projects and investment
banking, among others. BBVA is a parent Company of Grupo Banco
Bilbao Vizcaya Argentaria, which comprises such entities as BBVA
Banco de Financiacion SA, BBVA Capital Finance SA Unipersonal,
BBVA Senior Finance SA Unipersonal and BBVA International Limited,
among others.
EMPRESAS BANESTO 1: Moody's Assigns (P)Ca Rating to Series D Note
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to four
series of Notes issued by Empresas Banesto 1, Fondo de
Titulizacion de Activos:
-- EUR800M Series A2 Note, Assigned (P)Aaa (sf)
-- EUR70M Series B Note, Assigned (P)A3 (sf)
-- EUR35M Series C Note, Assigned (P)B1 (sf)
-- EUR35M Series D Note, Assigned (P)Ca (sf)
Ratings Rationale
Empresas Banesto 1 is a securitization of loans mainly granted to
small-and medium-sized enterprise by Banco Espanol de Credito
("Banesto"). Banesto is the Servicer of the loans while Santander
de Titulizacion S.G.F.T., S.A. is the Management Company
("Gestora").
The transaction closed in October 2007 and was initially not rated
by Moody's. The initial notes balance issued at closing (shown
above next to the assigned rating) amounted to EUR940 million.
The outstanding notes balance as of the last payment date in
December 2010 amounts to EUR473.9 million.
Moody's rating analysis of the notes is based on the transaction
structure after the last payment date in December 2010. The next
payment date will take place in March 2011.
The pool of underlying assets was, as of November 2010, composed
of a portfolio of 4,192 contracts (originated between 1996 and
2007), granted to 3,748 obligors located in Spain. The Portfolio
has a weighted average seasoning of 4.8 years and a weighted
average remaining term of 5.6 years. Around 36.6% of the
outstanding of the portfolio is secured by first-lien mortgage
guarantees over different types of properties (mainly residential
and commercial). All the figures are calculated on the
outstanding amounts of loans with arrears less than 12 months.
According to Moody's, this deal benefits from several credit
strengths, such as a relatively low concentration in the Building
and Real Estate sector for the Spanish market (around 22.7% in the
pool according to Moody's industry classification), approximately
15% of the assets amount represented by corporate names, over half
of the pool is covered by a first lien mortgage guarantee (around
51%), 100% of the loans are fully amortizing and a strong swap is
in place paying 3m Euribor plus a 0.60% spread.
Moody's notes that the transaction features some credit
weaknesses, among others the low granularity of the portfolio of
loans (with an Effective Number of 181). Moody's also notes the
exposure to commingling risk mitigated somewhat by the fact that
the Servicer transfers collections every two days to the Treasury
account in the name of the SPV.
These characteristics were reflected in Moody's analysis and
ratings, where several simulations tested the available credit
enhancement and reserve fund (as of December 2010) to cover
potential shortfalls in interest or principal envisioned in the
transaction structure.
Moody's Investors Service received and took into account a third
party due diligence report on the underlying assets or financial
instruments in this transaction and the due diligence report had a
neutral impact on the rating.
Moody's analysis focused primarily on (i) an evaluation of the
underlying portfolio of loans; (ii) historical performance
information and other statistical information; (iii) the credit
enhancement provided by the swap spread, the cash reserve and the
subordination of the notes.
The resulting key assumptions of Moody's analysis for this
transaction are a mean default rate of 14.5% with a coefficient of
variation of 40.2% and a stochastic mean recovery rate of 52.5%.
As mentioned in the methodology, Moody's used in combination its
CDOROM model (to generate the default distribution) and ABSROM
cash-flow model to determine the potential loss incurred by the
notes under each loss scenario. In parallel, Moody's also
considered non-modeled risks (such as counterparty risk).
The ratings address the expected loss posed to investors by the
legal final maturity of the notes (September 2040). In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal on Series A2, B, C and D at par on
or before the rated final legal maturity date. Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.
The V Score for this transaction is Medium/High, which is in line
with the score assigned for the Spanish SME sector and
representative of the volatility and uncertainty in the Spanish
SME sector. V-Scores are a relative assessment of the quality of
available credit information and of the degree of dependence on
various assumptions used in determining the rating. For more
information, the V-Score has been assigned according to the report
"V Scores and Parameter Sensitivities in the EMEA Small-to-Medium
Enterprise ABS Sector " published in June 2009.
Moody's also ran sensitivities around key parameters for the rated
notes. For instance if the recovery rate of 52.5% was changed to
47.5%, the model-indicated rating for the Series A2 Notes would
change from Aaa to Aa1. Additionally, if the assumed default
probability of 14.5 % used in determining the initial rating was
changed to 18.1% and the recovery rate of 52.5 % was changed to
42.5%, the model-indicated rating for the Series A2 Notes would
change from Aaa to Aa3, while the Series B model indicated rating
would change from A3 to Ba1 and the Series C model indicated
rating would change from B1 to Caa2.
EMPRESAS BANESTO 2: Moody's Assigns (P)Ba1 Rating to Series C Note
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to four
series of Notes issued by Empresas Banesto 2, Fondo de
Titulizacion de Activos:
-- EUR1834M Series A Note, Assigned (P)Aaa (sf)
-- EUR106M Series B Note, Assigned (P)Aa3 (sf)
-- EUR60M Series C Note, Assigned (P)Ba1 (sf)
Ratings Rationale
Empresas Banesto 2 is a securitization of loans mainly granted to
small-and medium-sized enterprise by Banesto who is also acting as
the Servicer of the loans while Santander de Titulizacion
S.G.F.T., S.A. is the Management Company ("Gestora").
The transaction closed in June 2008 and was initially not rated by
Moody's. The initial notes balance issued at closing (shown above
next to the assigned rating) amounted to EUR2 billion. The
outstanding notes balance as of the last payment date in January
2011 amounts to EUR862.9 million.
Moody's rating analysis of the notes is based on the transaction
structure after the last payment date in January 2011. The next
payment date will take place in April 2011.
The pool of underlying assets was, as of November 2010, composed
of a portfolio of 4564 contracts (originated between 1995 and
2007), granted to obligors located in Spain. The portfolio has a
weighted average seasoning of 4.2 years and a weighted average
remaining term of 7.4 years. Around 52% of the outstanding amount
of the portfolio is secured by first-lien mortgage guarantees over
different types of properties (mainly residential and commercial).
All the figures are calculated on the outstanding amounts of loans
with arrears less than 18 months.
According to Moody's, this deal benefits from several credit
strengths, such as a good portion of the pool represented by
corporate names (approximately 13%), almost all the loans
(approximately 99.9% of the pool amount) are fully amortizing and
a strong swap is in place paying 3m Euribor plus a 0.60% spread.
However, Moody's notes that the transaction features some credit
weaknesses, among others the low granularity of the portfolio of
loans (with an Effective Number of 246). Moody's also notes the
exposure to commingling risk mitigated somewhat by the fact that
the Servicer transfers collections every two days to the Treasury
account in the name of the SPV.
These characteristics were reflected in Moody's analysis and
ratings, where several simulations tested the available credit
enhancement and reserve fund (as of January 2011) to cover
potential shortfalls in interest or principal envisioned in the
transaction structure.
Moody's Investors Service received and took into account a third
party due diligence report on the underlying assets or financial
instruments in this transaction and the due diligence report had a
neutral impact on the rating.
Moody's analysis focused primarily on (i) an evaluation of the
underlying portfolio of loans; (ii) historical performance
information and other statistical information; (iii) the credit
enhancement provided by the swap spread, the cash reserve and the
subordination of the notes.
The resulting key assumptions of Moody's analysis for this
transaction are a mean default rate of 16.2% with a coefficient of
variation of 38.3% and a stochastic mean recovery rate of 57.5%.
As mentioned in the methodology, Moody's used in combination its
CDOROM model (to generate the default distribution) and ABSROM
cash-flow model to determine the potential loss incurred by the
notes under each loss scenario. In parallel, Moody's also
considered non-modeled risks (such as counterparty risk).
The ratings address the expected loss posed to investors by the
legal final maturity of the notes (July 2041). In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal on Series A, B and C at par on or
before the rated final legal maturity date. Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.
The V Score for this transaction is Medium/High, which is in line
with the score assigned for the Spanish SME sector and
representative of the volatility and uncertainty in the Spanish
SME sector. V-Scores are a relative assessment of the quality of
available credit information and of the degree of dependence on
various assumptions used in determining the rating. For more
information, the V-Score has been assigned accordingly to the
report "V Scores and Parameter Sensitivities in the EMEA Small-to-
Medium Enterprise ABS Sector" published in June 2009.
Moody's also ran sensitivities around key parameters for the rated
notes. For instance if the recovery rate of 57.5% was changed to
47.5%, the model-indicated rating for the Series A Notes would
remain Aaa. Also if the assumed default probability of 16.2 %
used in determining the initial rating was changed to 20.6% and
the recovery rate of 57.5% was changed to 47.5%, the model-
indicated rating for the Series A Notes would change from Aaa to
Aa2, while the Series B model indicated rating would change from
Aa3 to Baa3 and the Series C model indicated rating would change
from Ba1 to B3.
NUEVA RUMASA: Pre-Insolvency Hits Aegis with GBP25 Mil. Write-off
-----------------------------------------------------------------
The ShareCast news service reports that media buying agency Aegis
said the insolvency of a former Spanish client Nueva Rumasa could
lead to a write-off of GBP25 million.
Nueva Rumasa has filed for pre-insolvency protection under section
5.3 of Spanish insolvency law. This enables a company to enter
into a four month negotiation period with creditors, before having
to enter a formal insolvency process.
According to the news agency, the GBP25 million post-tax charge
will be included in the 2010 figures. To put this in perspective,
the charge is equivalent to 2p a share and analysts are
forecasting 2010 earnings per share of around 10p, the ShareCast
notes.
The ShareCast adds that Aegis will publish its figures on
March 17, 2011, and the underlying figures will be in line with
expectations.
Nueva Rumasa S.A. is based in Madrid, Spain. The conglomerate,
which has more than 10,000 employees, comprises dozens of
companies in fields including foodstuffs, tourism, construction
and the Rayo Vallecano football club.
* SPAIN: Cajas Hold EUR100 Bil. "Problematic" Real Estate Assets
----------------------------------------------------------------
Jonathan House and Christopher Bjork at The Wall Street Journal
report that Spain's central bank said the country's ailing savings
banks are holding about EUR100 billion (US$136.86 billion) in
"potentially problematic" real-estate assets, the first time it
has put a number on the extent of those holdings.
The figure was disclosed as the head of the Bank of Spain voiced
support for the government's plan to boost the solvency levels of
those banks, known as cajas, the Journal relates.
The Bank of Spain has previously estimated that the overall
banking sector holds EUR180 billion in problematic real-estate
assets-loans that are already in default, still-performing but
risky loans and repossessed assets, the Journal notes.
According to the Journal, the central bank on Monday said the
cajas have EUR217 billion in exposure to construction and real-
estate companies. It said that EUR100 billion of that total
exposure is "potentially problematic" and that cajas have
provisions to cover 38% of it, the FT discloses. Many of the
loans they hold are backed by assets that ensure the banks will
recover at least a portion of their value, the Journal states.
=============
U K R A I N E
=============
RODOVID BANK: IMF Experts Want Ukraine to Opt for Liquidation
-------------------------------------------------------------
Interfax-Ukraine, citing the Dzerkalo Tyzhnia.Ukraine (Mirror
Weekly) newspaper, reports that the International Monetary Fund's
experts recommended that the Ukrainian government liquidate
Rodovid Bank and Kyiv Bank.
IMF mission experts recommended that the government retain the
license only for Ukrgasbank, Interfax-Ukraine relates. They also
recommended that the cabinet return representatives of
Ukrgasbank's pervious owners to the bank's supervisory board,
Interfax-Ukraine discloses. After recapitalization, a 13% stake
in the bank was left for the previous shareholders, the largest of
them being MP from the Regions Party faction Vasyl Horbal,
Interfax-Ukraine notes.
According to Interfax-Ukraine, the IMF said that taking into
account large budget expenses on financial aid for three banks
recapitalized in 2009, which could exceed UAH30 billion, or almost
1.5 times more than the liabilities of the troubled banks to their
depositors, it would have been cheaper for the state to pay
deposits to the public through the Individuals' Deposit Guarantee
Fund and liquidate all of the troubled institutions, as the
government has failed to resolve problems of the state-run banks
and return money to depositors.
As reported by the Troubled Company Reporter-Europe on Dec. 15,
2010, Bloomberg News, citing Interfax-Ukraine news agency, said
that Ukraine's central bank extended administration of Rodovid
from Dec. 16 through March 15.
Rodovid Bank is based in Kiev. The net assets of the bank were
estimated at UAH16,952.2 million as of Jan. 1, 2010, the
credits and debts of clients were valued at UAH5,355.5 million,
and the equity of shareholders was estimated at UAH4,336.4
million, according to Ukrainian News Agency.
===========================
U N I T E D K I N G D O M
===========================
ALITO COLOR: Goes Into Administration, Seeks Buyer for Business
---------------------------------------------------------------
Adam Hooker at PrintWeek reports that Andrew Andronikou and
Michael Kiely at insolvency practitioner UHY Hacker Young were
appointed as administrators to Alito Color Group. The report
relates that Hacker Young is seeking the sale of the business as a
going concern, with four potential buyers understood to be
interested.
Alito Color is continuing to trade as normal during the
administration, according to PrintWeek.
PrintWeek says that Alito Color Joint Managing Director David
Collins said he was hoping to continue with the business alongside
a new investor, however, following the administration, which he
claimed would likely see the end of the group chairman Terry
Brady's involvement in print.
PrintWeek further said Northampton-based Flair Press (UK), which
traded as Alito Web, was expected enter administration last Feb.
22, 2011.
A notice of intention to appoint administrators was filed at the
High Court on Feb. 18, 2011 by the directors of the company,
Andrew Parker and Michael Kingsman, the report adds.
Alito Color Group offers the latest in a variety of printing
technologies.
ASSETCO PLC: To Raise GBP8 Million Through Equity Placing
---------------------------------------------------------
Alistair Gray at The Financial Times reports that AssetCo plc was
forced to turn to shareholders for cash.
The FT relates that in an update that wiped out a quarter of its
remaining market capitalization, the Aim-quoted company said it
hoped to raise up to GBP8 million through an equity placing to
address short-term funding problems.
According to the FT, John Shannon, who has a near-30% stake, said
he was likely to participate in the fundraising and may invest
almost GBP1 million. But Mr. Shannon, who begins an investor
roadshow later this week, added that he would be willing to stand
aside as chief executive were institutional shareholders -- which
include JO Hambro, Gartmore and Standard Life -- to demand it, the
FT notes.
AssetCo, as cited by the FT, said that while discussions to inject
short-term funds had yet to be resolved, "the current financial
strain on the company will be temporary."
As reported by the Troubled Company Reporter-Europe on Feb. 16,
2011, AssetCo said it needed GBP4 million (US$6.4 million) to
settle debts as talks with bankers, including Lloyds Banking
Group, had taken longer than expected to conclude. The company
also said it expected lenders to waive "technical breaches" of
banking covenants, according to the FT. AssetCo had hoped to
raise cash to meet its short-term debt requirements by refinancing
a GBP51 million facility, secured against GBP62 million worth of
assets, the FT disclosed.
Assetco PLC -- http://www.assetco.com/-- is a United Kingdom-
based holding company. The Company is engaged in the provision of
management services to the emergency services market. It is also
engaged in automotive engineering, the provision of asset
management services and the supply of specialist equipment to the
emergency services market. The Company operates in one segment,
the Fire and Rescue Services. The Fire and Rescue Services
segment provides management services to the fire and rescue
market. Its subsidiaries include AssetCo Emergency Limited,
AssetCo Managed Services (ROI) Limited, AssetCo Bermuda Limited,
AssetCo Resource Limited, Simentra Limited, Supply 999 Limited,
AssetCo Municipal Limited and AssetCo Managed Services Limited.
In January 2010, the vehicle assembly business of UV Modular
Limited (UVM) was discontinued. In September 2009, the Company
disposed its subsidiary, Auto Electrical Services (Manchester)
Limited.
CONNEXIONS CHESHIRE: Saved From Administration, 200 Jobs at Risk
-----------------------------------------------------------------
Gina Bebbington at Northwich Guardian reports that Connexions
Cheshire and Warrington has been saved from going into
administration but about 200 workers are still facing redundancy.
The report relates that the three councils that fund Connexions
Cheshire and Warrington have agreed in principle to meet all costs
relating to its restructure.
Staff at the company, Northwich Guardian relates, had feared it
would go into administration if it could not afford to make the
necessary redundancies to meet budget cuts. These cuts are being
made by Cheshire West and Chester Council, Cheshire East Council
and Warrington Borough Council, according to Northwich Guardian.
"The partners have agreed, in principle, to meet all costs
relating to the re-structuring of the company, including
redundancies, should they occur. Details of the agreement
continue to be discussed between the board and the partner local
authorities," Northwich Guardian quotes an unnamed spokesman for
the councils as saying.
Northwich Guardian notes Ray McHale, assistant branch secretary
for the union, West Cheshire UNISON, said: "We welcome the
agreement in principle to properly fund the cost of redundancies
and the down-sizing of the company. Agreement to this at an
earlier stage would have avoided a lot of worry and distress for
UNISON and UNITE members employed by the company." Nevertheless
we note with real concern that the 50% cuts seem likely to go
ahead, which will mean the closure of many Connexions Cheshire and
Warrington offices and around 200 redundancies, the report adds.
Headquartered in Northwich, Connexions Cheshire and Warrington is
a youth company. It employs around 400 staff and helps tens of
thousands of young people across the county.
CROWN CURRENCY: More People Arrested as Part of Probe
-----------------------------------------------------
Thisisthewestcountry.co.uk reports that police have arrested more
people as part of an ongoing investigation into the collapse of
Crown Currency Exchange and Crown Holdings Ltd.
As reported in the Troubled Company Reporter-Europe on Dec. 9,
2010, The Independent said that members of Devon and Cornwall
Police's economic crime department arrested two men, who are aged
68 and 70, in connection with the collapse of Crown Currency
Exchange. According to a separate TCREUR report on Nov. 18, 2010,
The Telegraph said that nearly two months after Crown Currency
went into administration owing customers up to GBP20 million, the
Economic Crime Unit of Devon and Cornwall Police has started
inquiries "to establish any evidence of criminality". The report
related that the investigation is the first indication that
directors of the failed foreign exchange company could face
criminal proceedings. The Telegraph noted that the
administrators' report into the collapse of Crown Currency
Exchange released detailed how company Director Peter Benstead
"believed the businesses were heavily insolvent and had been for
some time". The administrator's report added Mr. Benstead had
told Barclays, the company's bank, that Crown Currency could have
been insolvent for a number of months before the administrators
were called in, The Telegraph added.
Thisisthewestcountry.co.uk discloses that that police said that
six people -- three men and three women -- had now been arrested
on suspicion of money laundering and fraud offences, in Cornwall
and Hertfordshire. Five properties had been searched as part of
the investigation, the report relates.
A police spokesman said that in addition CCE and Crown Holdings,
police had now linked the collapse of a 'cash for gold' company
called Mayfair and Grant to this criminal investigation, according
to thisisthewestcountry.co.uk.
About Crown Currency
Headquartered in Hayle, Cornwall, Crown Currency Exchange is one
of the UK's biggest foreign exchange Web sites. The business was
established by husband and wife Peter and Susan Benstead five
years ago.
EMI GROUP: Terra Firma's Funds Recover, Guy Hands Says
------------------------------------------------------
Emiko Terazono at The Financial Times reports that a letter from
Terra Firma boss Guy Hands reveals that the private equity group's
funds have recovered from their levels in 2009.
Mr. Hands, the FT says, is even hopeful of returning the capital
to investors in TFCPIII, which invested in EMI Group, although he
admits it will not be easy.
The letter also seemed to highlight his inability to let go of
EMI, now under the control of Citigroup, the FT notes.
According to the FT, Mr. Hands explained that although the group's
direct involvement in EMI was over, Terra Firma continued "to be
indirectly involved through the appeal of the legal rulings made
by the court in relation to the litigation against Citigroup".
Mr. Hands noted the company was "moving forward", making new
investments and managing its existing portfolio, but he wrote that
his lawyers "will continue to progress" his appeal with any
rulings expected next year, the FT relates.
As reported by the Troubled Company Reporter-Europe on Feb. 14,
2011, Mr. Guy Hands, as cited by Bloomberg News, said he was
considering buying EMI Group Ltd. a week after Citigroup seized
control of the record label from his private equity firm. He
didn't detail how he would fund any acquisition of EMI, Bloomberg
noted. Terra Firma, which raised a EUR5.4 billion (US$7.4
billion) pool in 2007, has about EUR2 billion left to invest,
according to Bloomberg.
Citigroup Takeover
As reported on Feb. 3, 2011, by the Troubled Company Reporter-
Europe, Bloomberg News said Citigroup Inc. seized control of EMI
after the record label struggled to meet the terms of loans used
to finance its takeover by Mr. Hands, opening the way for a sale
of the company. Citigroup said in a statement on Feb. 2 that the
U.S. bank, which funded Mr. Hands' takeover in 2007, will own all
of EMI after the debt-for-equity swap, according to Bloomberg.
The deal will reduce London-based EMI's debt by 65% to GBP1.2
billion (US$1.94 billion), Bloomberg disclosed. The agreement may
lead to a sale of a record label of the Beatles and Pink Floyd,
Bloomberg noted. Warner Music Group Corp. and BMG Rights are
among bidders that have expressed interest in EMI's publishing and
recorded assets, Bloomberg said. Bloomberg, citing Needham & Co.,
said EMI may fetch about US$2 billion in a sale, narrowly covering
its US$1.94 billion debt. Laura Martin, an analyst at Needham in
Pasadena, California, as cited by Bloomberg, said private equity
firms KKR & Co. and Apollo Group Inc., as well as Sony/ATV Music
Publishing, are likely to seek EMI's publishing unit.
EMI Group Ltd. -- http://www.emigroup.com/-- is the fourth
largest record company in terms of market share (behind Universal
Music Group, Sony Music Entertainment, and Warner Music Group).
It houses recorded music segment EMI Music and EMI Music
Publishing. EMI Music distributes CDs, videos, and other formats
primarily through imprints and divisions such as Capitol Records
and Virgin, and sports a roster of artists such as The Beastie
Boys, Norah Jones, and Lenny Kravitz. EMI Music Publishing, the
world's largest music publisher, handles the rights to more than a
million songs. EMI Music operates through regional divisions (EMI
Music North America, International, and UK & Ireland). Private
equity firm Terra Firma owns EMI.
PORTSMOUTH FOOTBALL: Has Unpaid Receivables From Clubs, Owner Says
------------------------------------------------------------------
SkySports reports that Portsmouth Football Club Ltd. owner Balu
Chainrai has revealed it is owed money from a number of clubs who
have failed to pay them on time.
Genoa Cricket and Football Club (Genoa) is around five weeks late
with a third installment, worth around GBP1 million, over Kevin
Prince Boateng, according to SkySports.
"We are in dispute with a few foreign clubs and a couple of
English clubs, who are more powerful than us," Mr. Chainrai told
SkySports in an interview. "It's under control by our management
and they are trying their best to deal with it," Mr. Chainrai
added.
As reported in Troubled Company Reporter-Europe on March 1, 2010,
Bloomberg said that Portsmouth Football went into administration
after U.K. authorities tried to force its closure over unpaid
taxes. UHY Hacker Young Michael Kiely, Peter Kubik and Andrew
Andronikou were appointed joint administrators to the company and
the football club.
SkySports notes that the club has since exited administration and
Mr. Chainrai, brother Deepak and business partner Levi Kushnir are
looking for a new buyer.
About Portsmouth Football
Portsmouth Football Club Ltd. -- http://www.portsmouthfc.co.uk/--
operates Portsmouth FC, a professional soccer team that plays in
the English Premier League. Established in 1898, the club boasts
two FA Cups, its last in 2008, and two first division
championships. Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey. Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009. A French businessman of Russian decent,
Gaydamak had controlled Portsmouth Football Club since 2006.
* UK: Experts See Growing Number of Firms Affected by Insolvency
----------------------------------------------------------------
The KCJ News Service, citing the second quarterly Business
Distress Index carried out by insolvency trade body R3, reports
that a growing number of companies in the U.K. are affected by
insolvency and redundancy.
According to the report, 54% of the respondent firms recorded
decreased profits in December 2010, up 5% from September 2010.
Furthermore, KCJ News adds, the number of enterprises making
redundancies rose 4%, while one in six now find it difficult to
pay invoices on time.
In September 2010, R3 noted corporate insolvency numbers are
expected to rise to 27,500 in 2011 -- compared to 26,400 in 2009
-- despite optimism from UK business owners, KCJ News reports.
KCJ News quotes Steven Law, president of the organization, as
saying, "The overall picture indicates that conditions have got
more challenging from September to December last year." Mr. Law
added that particularly worrying is how many firms are struggling
to pay their bills, "as this is the technical definition of
insolvency".
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Feb. 24-25, 2011
AMERICAN BANKRUPTCY INSTITUTE
Valcon
Four Seasons Las Vegas, Las Vegas, Nev.
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 4, 2011
AMERICAN BANKRUPTCY INSTITUTE
Bankruptcy Battleground West
Hyatt Regency Century Plaza, Los Angeles, Calif.
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 7-9, 2011
AMERICAN BANKRUPTCY INSTITUTE
Conrad Duberstein Moot Court Competition
Duberstein U.S. Courthouse, New York, N.Y.
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 10, 2011
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts - Florida
Tampa, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 10-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
SUCL/ Alexander L. Paskay Seminar on
Bankruptcy Law and Practice
Marriott Tampa Waterside, Tampa, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 17-19, 2011
AMERICAN BANKRUPTCY INSTITUTE
Byrne Judicial Clerkship Institute
Pepperdine University School of Law, Malibu, Calif.
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
April 27-29, 2011
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott, Chicago, IL
Contact: http://www.turnaround.org/
May 5, 2011
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts - New York City
Association of the Bar of the City of New York,
New York, N.Y.
Contact: 1-703-739-0800; http://www.abiworld.org/
May 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
New York City Bankruptcy Conference
Hilton New York, New York, N.Y.
Contact: 1-703-739-0800; http://www.abiworld.org/
June 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
Canadian-American Cross-Border Insolvency Symposium
Fairmont Royal York, Toronto, Ont.
Contact: 1-703-739-0800; http://www.abiworld.org/
June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Mich.
Contact: http://www.abiworld.org/
July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Hyatt Regency Newport, Newport, R.I.
Contact: 1-703-739-0800; http://www.abiworld.org/
July 27-30, 2011
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Sanctuary at Kiawah Island, Kiawah Island, S.C.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 4-6, 2011
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hotel Hershey, Hershey, Pa.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Tampa Convention Center, Tampa, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. __, 2011
AMERICAN BANKRUPTCY INSTITUTE
International Insolvency Symposium
Dublin, Ireland
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
Hilton San Diego Bayfront, San Diego, CA
Contact: http://www.turnaround.org/
Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
23rd Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, Calif.
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Ritz-Carlton Amelia Island, Amelia Island, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
Contact: 1-703-739-0800; http://www.abiworld.org/
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Psyche A. Castillon, Julie Anne G. Lopez,
Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman,
Editors.
Copyright 2011. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *